Upgrade has applied for an industrial bank charter.
The fintech submitted its applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp. to create Upgrade Bank. The bank would give Upgrade more flexibility and options to fund affordable and responsible credit products.
Upgrade has delivered over $53 billion in credit to more than 8.5 million customers since its creation a decade ago.
Virginia Varela, Upgrade’s head of banking strategy, would serve as the proposed bank’s CEO. She was president and CEO of Golden Pacific Bank when it sold to SoFi.
“We are excited at the prospect of establishing a new bank that will advance Upgrade’s mission of bringing responsible and affordable credit to consumers,” Varela said in a press release.